Denmark-based Kvanto Payment Services has finalised an agreement to acquire a 51% stake in Mobileware Technology (MWT) to integrate and expand its digital payment business in India.
Mobileware Technologies started in 2010 as a mobile applications development platform.
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In 2013, the company the ‘Mobile Banking’ domain and started developing digital banking products around NPCI switches and the UIDAI database.
It introduced open Banking API platform TransXT in 2018. The company deployed digital banking products in major Indian banks Yes Bank and Kotak Mahindra Bank.
Mobileware Technologies CEO Satyajit Kanekar said: “We look forward to representing Kvanto. We have great trust in the ability of the Kvanto platform and the deep knowledge into payments that the Kvanto team and relationship brings.
“We’re very excited and convinced that we have found the right partnership for fast, escalating businesses here in India.”
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By GlobalDataKvanto and Mobileware Techhnologies’ synergy presents the potential to become a major player in the digital payment space, he added.
The buyout and valuation of MWT is subject to further due diligence.
The acquisition will become only after listing of Kvanto’s parent company, Kvanto Payment Services, on a recognized stock exchange in Canada.
Kvanto CEO Jesper Skorstengaard said: “In order to support the requirements of doing this business, as well as providing the Kvanto payment platform for other banks in India, we selected MWT as the right partner to work with.
“MWT brings extensive experience and credibility to this marketplace which should accelerate our market access,” he added.
